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Metal Markets Act Confusingly amid Risk Aversion

May 23, 2019 at 19:39 by Vladimir Vyun

Markets were in the risk-off mode today, and the metal market reacted confusingly to that. It is easy to understand why gold and silver rallied, being precious metals (though silver is often considered to be industrial metal as well) and therefore considered a safe haven. But it is harder to understand why copper managed to rally in such environment while platinum and palladium declined.

The trade war between the United States and China continued to escalate, making investors even more nervous. On top of that, macroeconomic data from around the world, including the USA and eurozone, was poor.

Contract for delivery of gold in June advanced 0.85% to $1,285 per troy ounce as of 19:20 GMT on COMEX today. Silver for delivery in July jumped as much as 1.01% to $14.6 per ounce. Copper gained 0.15% to $2.682 per pound. At the same time, spot price for platinum declined 0.59% to $800 per ounce, and palladium dropped 0.50% to $1,310.87 per ounce.

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